Student Loan Consolidation gives early results of Dutch auction tender

By Jennifer Chiou

New York, Feb. 2 - Student Loan Consolidation Center Student Loan Trust I announced the receipt of tenders for $647.1 million of notes in the Dutch auction cash tender offer for up to $500 million of its auction-rate student loan asset-backed notes.

The company added that it expects to increase the cap to $750 million.

Affected notes include the outstanding:

• $40.3 million of series 2002A-1 notes;

• $66.65 million of series 2002A-2 notes;

• $48.7 million of series 2002A-3 notes;

• $74.2 million of series 2002A-4 notes;

• $75 million of series 2002A-5 notes;

• $53.8 million of series 2002A-6 notes;

• $75 million of series 2002A-9 notes;

• $69 million of series 2002A-11 notes;

• $75 million of series 2002A-13 notes;

• $46.5 million of series 2002A-14 notes;

• $74.5 million of series 2002A-15 notes;

• $53.3 million of series 2002A-16 notes;

• $59.2 million of series 2002A-17 notes; and

• $47 million of series 2002A-18 notes.

Each series had an initial amount of $75 million.

The offer will end at 8 a.m. ET on March 2.

For all series, the acceptable bid price range is $45,000 to $47,000, including the $2,500 early tender premium to be paid by Goal Financial, LLC (formerly Route 66 Ventures, LLC), for each $50,000 of notes.

Only those tendering prior to the early tender deadline of 5 p.m. ET on Jan. 28 will receive the early premium.

As already noted, Student Loan will accept the lowest bid prices first.

Settlement is still anticipated between March 3 and March 7. Withdrawal rights expired at 5 p.m. ET on Jan. 28.

The offer is subject to financing. It started on Jan. 14.

Barclays Capital Inc. is the dealer manager (800 438-3242 or call collect 212 528-7581). Global Bondholder Services Corp. is the information agent and depositary (212 430-3774 or 866 857-2200).

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